Back in March it was announced that Square, the mobile payments firm run by Jack Dorsey, had agreed to acquire a majority stake in Jay-Z’s music streaming service Tidal for $297 million.
Through the deal, Jay-Z and Tidal’s other artist shareholders including Beyoncé, Madonna and Rihanna would continue to own their piece of the business, which will operate as an independent division within Square.
TMZ is now reporting that the deal has closed and estimated to be worth $350 million.
When Jay-Z first unveiled his plans for Tidal, which he purchased for $56 million, the premise was to charge a premium for access to high-quality streaming music from a roster of top artists. At the time, Spotify was still a relative newcomer in the U.S. and Apple had yet to launch Apple Music.
That’s a pretty good return for Hov.